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Update: Monitoring Litigation on Corporate Transparency Act (CTA)

Seth & Alexander is closely monitoring the recent ruling deeming the Corporate Transparency Act unconstitutional, ensuring our clients stay informed

A recent development that may impact your business operations—the Corporate Transparency Act (CTA) will be in effect January 1st, 2024

Corporate Transparency Act Information for Seth & Associates Clients

A recent development that may impact your business operations—the Corporate Transparency Act (CTA) will be in effect January 1st, 2024

Please read: 2024 Corporate Transparency Act Reporting Requirement

As we ring in the new year, it is important to remember that a new tax year is also upon us. The Internal Revenue Service (IRS) has released the updated tax brackets for 2024

2024 Tax Brackets Released: Don't Miss Out on Savings

Optimize tax burden through understanding factors: tax law changes, income adjustments, deductions, credits, and individual circumstances. Focus on federal tax implications in Texas, sans personal income tax. Taxable income influenced by annual activities and financial shifts. 

Tax Planning = Lower Tax Burden

for estimated income tax payments for Individuals and Calendar year C Corporations. Remember September 15, 2023, and December 15, 2023, for further payments. For seamless compliance, consult a tax professional or refer to official guidelines. Questions? Contact us for expert assistance

Upcoming Tax Payment Due Dates

At Seth & Alexander, our goal is to share valuable information to help you make informed financial decisions and maximize your resources

FREQUENTLY ASKED QUESTIONS

As the 2023 tax year draws to a close, we at Seth & Alexander want to ensure that you are aware of the upcoming deadlines for furnishing Forms 1099-B

Important Reminder: 1099 Forms for 2023 Tax Year

We at Seth & Alexander are committed to helping you achieve your financial goals by providing you with the information and support you need

FREQUENTLY ASKED QUESTIONS

At Seth & Alexander and Seth & Associates CPAs, we are continually striving to enhance our services and provide you with the best possible experience.

Utilizing SharePoint for Document Centralization

Tax-free weekend

The long-awaited tax vacation weekend is just around the corner and will take place August 11-13, 2023. e corner and will take place August 11-13, 2023. 

SEP-IRA

A SEP-IRA can be established by sole proprietors, partnerships, and corporations, including S corporations.

​As you may know, R&D costs are often incurred upfront and are not immediately recoverable

174 Amortization and development

Is Now the Right Time to Sell Your Business?

"when is the right time to sell your business?"

Let’s discuss the advantages of having a financial advisor to help you with your financial planning.

 Benefits of having a financial advisor

Inflation, Getting Better or Worse?

summary of 2023 inflation outlook

2022 Mileage Rate Increase

The IRS has announced the standard mileage rate increase is now 62.5 cents per mile, up 4 cents from the rate at the start of 2022.

Secure Act 2.0

What Happened to Retirement Savings? POTUS Signs Massive Budget Bill That Includes SECURE 2.0 Act.
 

Approaching Texas Annual Report and Franchise Tax Report Deadline

If you are an individual who submits their own Texas Annual Report and Franchise Tax Report, it is possible that you may not get a paper notice of the upcoming due date this year.

1099 Information Reporting & Matching

As we approach the close of 2020, it is time to plan for year-end reporting.  One of the main year-end reporting items that can be time consuming, and comes with stiff penalties if not done properly, is 1099 reporting.

Things You Should Know About Cost Segregation 

Cost Segregation is a helpful method that will:

  • INCREASE a business owner’s cash flows and,

  • DECREASE their taxable income. 


HERE’S HOW:   

Secure Act 2.0

What Happened to Retirement Savings? POTUS Signs Massive Budget Bill That Includes SECURE 2.0 Act.
 

Newly Announced Forms and Rules for PPP

We are aware that many of our clients are interested in applying for the second round of PPP. As such, we want to provide you with several important updates regarding the new requirements attached to the legislation.

Tax Deductions for Meals

The IRS has provided guidance on deductions for meals as a part of changes in the Consolidated Appropriations Act (CAA).

American Rescue Plan Act Highlights

Signed into law on March 11, 2021, the American Rescue Plan Act (ARPA) contains several tax provisions affecting individuals and families.

Child Tax Credit Expansion
Payments

In March of this year, Congress increased the maximum credit amount that families could receive per child.

Restricted Property Trust

The Restricted Property Trust (RPT) is a program that could help you with your tax deductibles.

Work Opportunity Tax Credit

The Internal Revenue Service announced it is providing transition relief to certain employers claiming the Work Opportunity Tax Credit (WOTC).

IRS: Interest Rate Announcement

The Internal Revenue Services announced on August 25th that the current overpayment and underpayment interest rates will remain the same for the fourth quarter of 2021.

FICA Tax

Signed into law in 1935, the Federal Insurance Contributions Act Tax (FICA) outlines the taxes withheld from your paychecks to fund Social Security and Medicare.
Let's take a look at how it impacts you:

Transition to Canopy

Thank you for being a great customer of Seth and Alexander Advisors and Manish Seth CPA. As we continue to add value to your business, we always look to stay up to date with the best that technology has to offer.

Tax Deadline Reminder

The October 15th deadline is quickly approaching to taxpayers who requested an extension to file their 2020 tax returns.

Schedule Your Tax Consultation

Now that we have approached the final quarter of 2021 it is time to schedule a tax consultation with Seth and Alexander. 

Infrastructure Bill Passage

President Biden recently signed H.R. 3684 into law on November 15, 2021. Also known as the Infrastructure Investment and Jobs Act, this piece of legislation includes a few tax provisions effective immediately that we’d like to bring to your attention.

1099s: Avoid the Penalties 2021

As we approach the close of 2021, it is time to plan for year-end reporting.

Holiday Newsletter 2021

As 2021 comes to a close, it’s important to take a minute to look back and reflect on how this year has shaped our firm.

Tax Return Delays

The IRS is still dealing with backups in processing returns from the past two filing seasons.

Important Tax Deadlines

The 2021 tax season will begin on January 24th. Please put these very important dates into your calendar and avoid penalties!

S&A Announces Opening of Austin Office

Seth & Alexander Advisors with Manish Seth CPA is now in Austin, Texas!

Tax Season Readiness

The 2021 tax season began on January 24th. We'd like to remind you of important information regarding filing for the season.

Tax Credit for Small Businesses

As part of an end-of-year appropriations act and accompanying tax measure, the SECURE Act was signed into law on December 20, 2019.

IRS to Suspend Notices 

As the 2021 tax season continues, the IRS will suspend sending certain notices to you as part of an effort to help process more returns.

IRS Budget Increase...Decreased

A $1.5 trillion omnibus spending bill pass by the U.S. House on Wednesday, March 9th, made a major cut to previously planned budget increases for the IRS.

EIDL Payments Deferment Granted

The US Small Business Administration has again extended the deferment period for COVID-19 Economic Injury Disaster Loan Payments.

IRS Issues 2021 RRC Guidance 

The IRS issues guidance on how to accurately report third round stimulus payments on your returns.

An Extension to File is NOT an Extension to Pay!

Returns for individuals filing their 2021 taxes were due last Monday, April 18th. You can still file and reduce penalties and interest.

What's With the IRS "Dirty Dozen" Warnings?

The IRS began its "Dirty Dozen" list for 2022, which includes potentially abusive arrangements that taxpayers should avoid.

2022 Mileage Rate Increase

The IRS has announced the standard mileage rate increase is now 62.5 cents per mile, up 4 cents from the rate at the start of 2022.

Secure Act 2.0

What Happened to Retirement Savings? POTUS Signs Massive Budget Bill That Includes SECURE 2.0 Act.
 

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